Cigna is an international company that offers products and services in the fields of health care and insurance. Some of its main products include health care, group disability insurance, life insurance, accident insurance, and international insurance. Cigna is based in the United States, but it also sells insurance in many other counties and provides insurance for expatriates as well. More than 46 million people worldwide are serviced by Cigna. Cigna is a relatively young company – it only came about in 1982 when the Connecticut General Life Insurance Company decided to merge with the Insurance Company of North America. However, its parent companies are much older; the Connecticut General Life Insurance Company was incorporated in 1865, and the Insurance Company of North America was formed in 1792.
One of the products offered by Cigna is expatriate coverage for Canadians. If you have an international company based in Canada and will be sending out Canadian employees to work in other countries, then you should look into Cigna Worldwide Advantage. Cigna Worldwide Advantage 2 to 20 is specifically designed for companies that have anywhere from two to twenty employees, third country nationals or key local nationals out on international assignments. Although Cigna Worldwide Advantage is first and foremost a medical plan, companies can add on dental insurance, long-term disability insurance, life insurance, accidental death and dismemberment insurance and evacuation/repatriation insurance.
The life and accidental death and dismemberment insurance component of Cigna Worldwide Advantage provides insurees with five options. The first option provides beneficiaries of the policy with a $25,000 flat benefit. Option two provides the beneficiaries with one times base annual earnings to a maximum benefit of $200,000; Option three provides the beneficiaries with two times base annual earnings to a maximum benefit of $200,000. Option four gives the beneficiaries one times base annual earnings to a maximum benefit of $50,000, and option five gives the beneficiaries two times base annual earnings to a maximum benefit of $400,000.
For employees that are over the age of 65 but under the age of 70, then the above mentioned amounts are reduced to 65 percent of the scheduled amount. If the employee is over the age of 70, then these amounts will be reduced to 50 percent. If an insured employee loses their life, then 100 percent of the principal sum is payable. If they lose one hand, one foot, or vision in one eye, then only 50 percent of the principal sum is payable. If the accident the employee is in results in more than one loss of body parts, however, then 100 percent of the principal sum is payable.